The global ophthalmic devices market size was valued at $53,428.8 million in 2019, and is projected to reach $66,719.3 million by 2027, registering a CAGR of 4.2% from 2020 to 2027.
Increase in prevalence of eye-related diseases across the globe, rapid technological advancements in ophthalmic, high adoption of global devices, and rise in focus on customer training and education along with awareness have boosted the growth of the global ophthalmic devices market. However, low awareness about eye-related diseases and dearth of skilled professionals hamper the market growth. On the contrary, potential growth opportunities in developing countries for manufacturers of ophthalmic devices are expected to create lucrative opportunities for the market players in the future.
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COVID-19 Scenario-
- The operational disruption in the surgical instrument and equipment manufacturing, due to COVID-19 outbreak, has impacted the ophthalmic devices market. On the other hand, the supply chain disruptions have resulted in shortages of devices.
- However, the government bodies in several regions have imposed certain relaxations on the restrictions, in order to maintain economic requirement. Owing to this the companies have restarted the manufacturing.
Increase in adoption of digital devices in health care sector and technological advancement in the ophthalmic devices drive the growth of the global ophthalmic devices market. However, lack of sled professional and low awareness regarding eye-related diseases hinder the market growth. On the other hand, improvement in healthcare infrastructures is anticipated to offer new opportunities in the coming years.
North America is anticipated to dominate the market by 2027-
Based on region, North America accounted for the highest share based on revenue, holding for nearly two-fifths of the global ophthalmic devices market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is due to rise in number of blindness and low vision in the U.S. Moreover, Asia-Pacific region is estimated to generate the fastest CAGR of 4.5% from 2020 to 2027. This is attributed to the presence of high population base, increase in disposable income, and improvement in patient awareness about advanced ophthalmic devices in this region.
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Leading market players
- Abbott Laboratories
- Novartis AG
- Carl Zeiss Meditec AG
- Essilor International S.A.
- HAAG-Streit Holding AG
- Johnson & Johnson
- Nidek Co., Ltd.
- Topcon Corporation
- Valeant Pharmaceuticals International, Inc.
- Ziemer Ophthalmic Systems AG.
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